Malaysia

Are Petronas finances a secret? Hardly, minister says reports available publicly, so no need to debate in Parliament


A Petronas petrol station in Subang Jaya December 19, 2018.  ― Picture by Mukhriz Hazim
A Petronas petrol station in Subang Jaya December 19, 2018. ― Picture by Mukhriz Hazim

KUALA LUMPUR, Nov 22 — Petroliam Nasional Bhd (Petronas) does not have to present its financial reports in Parliament for debate as it is not a requirement in law.

Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed explained that the national oil company is public-listed and its financial records are also published on its website quarterly for public inspection.

“Your question has two parts, the first part is on secrecy. You asked if Petronas’ financial operations, accounts and performance are confidential.

“The second question is why was it not reported in Parliament, secret or not. I’m going to answer now. It is accessible to the public on the Petronas website every quarter of the year.

“Why is it not debated in Parliament? Because it is not required by law. No Act compels Petronas to present it in Parliament,” he told Tuaran MP Datuk Seri Wilfred Madius Tangau who had raised the question in the Dewan Rakyat today.

Mustapa noted that several other Opposition lawmakers raised the same question previously.

National news agency Bernama reported in August that Petronas registered a net profit of RM9.6 billion in the second quarter of the year that ended on June 30, 2021 on better earnings and lower impairment compared to a net loss of RM21 billion in the same quarter last year.

Petronas executive vice-president and group chief financial officer Liza Mustapha said the stronger earnings recorded in the quarter were in tandem with higher earnings before interest, taxes, depreciation, and amortisation and lower impairment loss recorded in the period.

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